Sesa Goa has acquired the remaining 49% of the outstanding common shares of Western Cluster Limited from Elenilto Minerals & Mining LLC, Delaware, for a cash consideration of USD 33.5 million.
Post this transaction, Sesa's shareholding in WCL increases to 100%. WCL is a logical and strategic fit with Sesa's existing iron ore business and is expected to create significant long term value for all stakeholders.
At WCL, exploration activities are progressing well, with over 42,000 meters of drilling completed till 30th November 2012. The project is on track for first shipment in FY 2014.
Source:
http://www.steelguru.com/raw_material_news/Sesa_acquires_remaining_49pct_stake_in_Western_Cluster_Limited/296097.html
